23 December, 10:56
If $7300 is invested in a savings account for which interest is compounded monthly, and if the $7300 turns into $8600 in 2 years, what is the interest rate of the savings account?
23 December, 12:34
The equation needed is
8600=7300 (1+r12) 24
where r is the annual interest rate as a decimal.
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» If $7300 is invested in a savings account for which interest is compounded monthly, and if the $7300 turns into $8600 in 2 years, what is the interest rate of the savings account?